ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply of real estate agents increases
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Demand for real estate agents increases
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Demand for real estate agents decreases
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the market is not affected
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Detailed explanation-1: -By 2040, real estate market will grow to Rs. 65, 000 crore (US$ 9.30 billion) from Rs. 12, 000 crore (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the country’s GDP by 2025.
Detailed explanation-2: -The year 2022 has been significantly better for the commercial real estate sector. However, the fate of the Indian commercial real estate sector hangs in a fine balance in 2023 amid the forecast of the global recession.
Detailed explanation-3: -There are hundreds of factors that affect the real estate market in India such as cost of materials used in construction, loan rates, population, spending capacity, lifestyle changes, economic status, etc.
Detailed explanation-4: -An imminent US recession in 2023, if it unfolds as it seems possible now, will also impact housing demand in India at least marginally. Reduced flows of IT/ITeS work outsourced to India and further layoffs will also leave their mark on residential absorption here.